2.59.904    BRANCH BANKS

(1) A bank organized under the laws of this state that is a qualifying institution, as set forth in (2), may establish a branch in Montana upon summary notice and approval by the department. The notice shall be given using the Request for Summary Approval of Branch form dated June 29, 2020, which is located at www.banking.mt.gov.

(2) In order to qualify for summary notice, the bank shall:

(a) have received its bank charter at least five years prior to making the request;

(b) be well-capitalized as defined in 12 CFR Part 324 by the Federal Deposit Insurance Corporation, if the bank is a nonmember bank; or as defined in 12 CFR 208.43(b)(1) by the Federal Reserve Board of Governors, if the bank is a member bank of the Federal Reserve System;

(c) have received a CAMELS composite rating of one or two on its most recent state or federal safety and soundness examination;

(d) have received a management rating of one or two on its most recent state or federal regulatory examination; and

(e) not be a party to any formal or informal enforcement action initiated by a state or federal regulatory agency.

(3) The bank shall certify that it is a qualifying institution as of the date of the request.

(4) A bank that is not a qualifying institution as of the date of the request shall comply with ARM 2.59.1101 and 2.59.1103.

(5) The department shall approve or deny a summary notice and application within 15 business days of receipt of a complete notice and application.

History: 32-1-211, 32-1-218, 32-1-372, MCA; IMP, 32-1-211, 32-1-218, 32-1-372, MCA; NEW, 2020 MAR p. 1698, Eff. 9/12/20.